Halifax Direct Reward ISA- Transfers In

cwcw

Does anybody know if a transfer in to open a new ISA account is classed as meeting the minimum deposit? Specifically for the Halifax Direct Reward ISA (could not find an answer on their site) but also just generally.

The problem is I want to open the Halifax ISA to get the 3% rate, but I've already paid into my existing ISA this year so won't be able to deposit the minimum £1 as that would be classed as paying into 2 cash ISAs within the same tax year. So would the balance transfer from the existing ISA count as a "deposit" which opens the account? :question:

Thanks

opinions4u

Yes. Transfer in is fine for minimum deposit.

cwcw

Thanks for that. Do you know if I have to subscribe my full allowance with my current provider before transferring over, or can I transfer it over part funded for this year and then continue to add up to the allowance once in the new Halifax account? Technically that would be adding to 2 accounts in the same year but I would only have 1 open at any one time. It's a bit confusing.

opinions4u

cwcw wrote: »

Thanks for that. Do you know if I have to subscribe my full allowance with my current provider before transferring over, or can I transfer it over part funded for this year and then continue to add up to the allowance once in the new Halifax account? Technically that would be adding to 2 accounts in the same year but I would only have 1 open at any one time. It's a bit confusing.

You can do it either way.

As long as you are subscribing to the cash ISA for the same tax year it doesn't matter.

xrjtg

You have one ISA wrapper, but you'd be changing what's inside it. The problems are if you have two accounts open at the same time, which would require two wrappers (which you don't have).